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INTRODUCTION

Innovation is defined as process conducted by management to improve effectiveness of business operations so that creative and unique items are delivered in marketplace. Administration implement modern tools and techniques in system which help firm to utilise funds, material and manpower efficiently. Along this, modification in existing items is made by manger which help them to attract large number of customers. Innovation helps superiors to introduce new concepts and ideas and launch new items in marketplace (Johnston and Marshall, 2016). This help them administration to position themselves higher than rival firms. Present report is based on Ensoft Ltd. which is software company established in United Kingdom. Company have skilled and competent engineers so standardised software are present in system. Cutting-edge software are provided by administration which help in keeping whole world connected. Innovation funnel and frugal innovation concept are used by management to launch new technologies and reduce difficulties from system.

TASK 1

P1 Innovation and its Importance for organisation in comparison with invention

Innovation is a process of implementing new and innovative ideas with in a work place through this firm are able to achieve goals and objectives in an effective ways in limited time period. It is  a modification of existing product which increase their features and usability. It is a small business venture that are deal with networking software and provide internet solution. Innovation is a best application in applied science because techniques create obsolete in short period of time and management has to analysis all changes which are implementing with in an work place. Its create variation so that prominent update has launched by using tools and techniques (Díaz-García, González-Moreno and Sáez-Martínez, 2015).

Firm develop software which helps to connect with potential customers. Management of an organisation has develop strategies and plan in order to execute innovation with in firm. Through this, enterprises are able to produce quality of product and services which enhance clients satisfaction as well as higher markets as compare to before. If creativity can not introduced in proper manner with in work place that create negative impact on firm performance and productivity. There are some needs which are create responsibilities for bringing innovation are explain as follows:   

  • Innovation is a very important function which provide guideline to all employees so that they get all information about their role and responsibilities with in work place to achieve their targets in an effective manner.   
  • Firm used creativity option in order to attract large number of clients toward business activities as well as their product and services offers at market place (Wallace, 2017).  
  • The main objectives of introducing innovation are to develop high quality in commodities and services which helps to provide high profitability and market position.
  • Through innovative goods firm are able to gain high competitive advantage as compare to their competitors at market place.  

Differences between innovation and invention are explain as follows:

Innovation 

Invention 

It is a process of modification in existing product and services which increase feature as well as quality of commodities in an effective ways.

It is a process to develop totally new product and services that are able to full fill clients needs and wants in limited time period of time.

Management develop new strategies and plan in order to reduce negative result on operations process.

It is a kind of research which are manufacture new commodities. It is a process of converting new idea intro reality. For example, business environment is a promoting globalisation where many people are sell their product in other country and they touch their family members, it helps to reduce problem of less population.  

Ensoft Ltd has develop new ideas which helps to produce unique kind of software so that their potential buyers can not switch firm to other company. Current market situations may rapidly change because various kind of competitors are using latest technologies to increase profitability with in specific time period. Ensoft Ltd are analysis competitors strength and weaknesses in order to compete them in an effective ways (Dodgson, 2018).

So that, through this all information it is concluded that innovation is a better option as compare to their competitors with in an organisation. Because it is save money and time of management. Creativity is a easy process as compare to invention, for example Ensoft Ltd has provide several types of software which helps to resolve new issues and they are launch its product upgrades on time to time basis. Management of the company develop strategies and polices which helps to implementing innovation with in work place in a most appropriate and successful manner. It helps to gain high market share.     &n